08 Feb 2021 · 2 min read

Bitcoin and Ethereum Hold Key Support, Altcoins Surge

Bitcoin price corrected lower, but it is still above the USD 38,000 support zone. Ethereum tested USD 1,500 and recovered above USD 1,600, XRP is stable above USD 0.400. AVAX, EGLD, and MATIC are up over 30%.

Bitcoin price started a downside correction from well above USD 40,000. BTC declined below the USD 39,200 support level, but it was well bid above USD 37,500. It is currently (05:00 UTC) trading above USD 38,000, but it is facing hurdles near USD 39,200.

Similarly, ethereum corrected more than USD 200 from the USD 1,760 high, but it found a strong support near USD 1,500. Besides, most other major altcoins are showing positive signs. XRP/USD is stable above USD 0.400, but it is facing resistance near USD 0.440.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a downside correction, bitcoin price found support near USD 37,500. BTC recovered above USD 38,000 and it is showing a few positive signs. The price is now trading well above USD 38,000, with an immediate resistance near the USD 39,200 level. A clear break above the USD 39,200 zone could open the doors for a fresh test of USD 40,000.
An initial support is near the USD 38,000 level. The first major support sits at USD 37,500, below which the price might test the main weekly support at USD 35,500.

Ethereum price

Ethereum price declined sharply towards the USD 1,500 support zone. ETH recovered from USD 1,500 and it is now trading above USD 1,600. If the bulls remain active, the price could surge towards the USD 1,680 and USD 1,700. Any more gains could lead the price towards the USD 1,750 level.
If there is another decline, the USD 1,550 is a decent support. The main support is now forming near the USD 1,500 level, below which the price might decline heavily.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is stable above USD 440 and it is consolidating in a range. BCH is facing a minor hurdle near USD 450, above which the price might accelerate higher. The next major resistance sits at USD 465, above which it could start a strong rally towards the USD 500 level.
Litecoin (LTC) is stable near USD 150 and it is showing a few positive signs. If LTC gains pace above USD 155, it could revisit the USD 165 level. Any more upsides could set the pace for a move towards the USD 188 and USD 192 levels. On the downside, the USD 142 and USD 140 levels are strong support zones.
XRP price settled above the USD 0.400 and USD 0.420 levels. The price is currently consolidating and it seems like it could attempt another upside break above USD 0.440 and USD 0.450. A close above USD 0.450 may possibly spark a strong increase in the coming sessions.

Other altcoins market today

Many altcoins climbed over 15%, including AVAX, EGLD, MATIC, LUNA, ATOM, NEAR, DOGE, XEM, GRT, ZRX, SOL, and RUNE. Out of these, AVAX rallied over 35% and it broke the USD 25.00 resistance.

Overall, bitcoin price is showing positive signs above USD 38,000 and USD 37,500. If BTC clears the USD 39,200 and USD 40,000 resistance levels, the bulls may possibly aim for a new all-time in the coming days.

Find the best price to buy/sell cryptocurrency: